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Satisficing choice procedures


  • Papi, Mauro


A challenging issue in modern choice theory is how to enrich the kind of data available to the researcher along with our understanding of the decision-making process. We propose an axiomatic characterization of the ‘satisficing’ heuristic under various informational structures. In particular we examine the cases in which search behavior is both observable, partially observable, and unobservable. We also investigate behavioral definitions of preference and satisfaction and establish uniqueness results. Finally, we relate our framework to several well-known existing models.

Suggested Citation

  • Papi, Mauro, 2012. "Satisficing choice procedures," Journal of Economic Behavior & Organization, Elsevier, vol. 84(1), pages 451-462.
  • Handle: RePEc:eee:jeborg:v:84:y:2012:i:1:p:451-462
    DOI: 10.1016/j.jebo.2012.04.017

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    References listed on IDEAS

    1. Apesteguia, Jose & Ballester, Miguel A., 2013. "Choice by sequential procedures," Games and Economic Behavior, Elsevier, vol. 77(1), pages 90-99.
    2. Jose Apesteguia & Miguel Ballester, 2009. "A theory of reference-dependent behavior," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 40(3), pages 427-455, September.
    3. Kfir Eliaz & Ran Spiegler, 2011. "Consideration Sets and Competitive Marketing," Review of Economic Studies, Oxford University Press, vol. 78(1), pages 235-262.
    4. Tyson, Christopher J., 2008. "Cognitive constraints, contraction consistency, and the satisficing criterion," Journal of Economic Theory, Elsevier, vol. 138(1), pages 51-70, January.
    5. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, June.
    6. Nakajima, Daisuke & Masatlioglu, Yusufcan, 2013. "Choice by iterative search," Theoretical Economics, Econometric Society, vol. 8(3), September.
    7. Masatlioglu, Yusufcan & Ok, Efe A., 2005. "Rational choice with status quo bias," Journal of Economic Theory, Elsevier, vol. 121(1), pages 1-29, March.
    8. Kfir Eliaz & Michael Richter & Ariel Rubinstein, 2011. "Choosing the two finalists," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 46(2), pages 211-219, February.
    9. Amartya K. Sen, 1971. "Choice Functions and Revealed Preference," Review of Economic Studies, Oxford University Press, vol. 38(3), pages 307-317.
    10. Elena Reutskaja & Rosemarie Nagel & Colin F. Camerer & Antonio Rangel, 2011. "Search Dynamics in Consumer Choice under Time Pressure: An Eye-Tracking Study," American Economic Review, American Economic Association, vol. 101(2), pages 900-926, April.
    11. Paola Manzini & Marco Mariotti, 2007. "Sequentially Rationalizable Choice," American Economic Review, American Economic Association, vol. 97(5), pages 1824-1839, December.
    12. Andrew Caplin & Mark Dean & Daniel Martin, 2011. "Search and Satisficing," American Economic Review, American Economic Association, vol. 101(7), pages 2899-2922, December.
    13. Rubinstein, Ariel & Salant, Yuval, 2006. "A model of choice from lists," Theoretical Economics, Econometric Society, vol. 1(1), pages 3-17, March.
    14. Caplin, Andrew & Dean, Mark, 2011. "Search, choice, and revealed preference," Theoretical Economics, Econometric Society, vol. 6(1), January.
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    Cited by:

    1. Christopher Tyson, 2015. "Satisficing behavior with a secondary criterion," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 44(3), pages 639-661, March.
    2. Saptarshi Mukherjee, 2014. "Choice in ordered-tree-based decision problems," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 43(2), pages 471-496, August.
    3. repec:kap:theord:v:83:y:2017:i:2:d:10.1007_s11238-017-9592-1 is not listed on IDEAS
    4. Sandorf, Erlend Dancke & Campbell, Danny, 2016. "Accommodating satisficing behavior in stated choice experiments," 2016 Annual Meeting, July 31-August 2, 2016, Boston, Massachusetts 235905, Agricultural and Applied Economics Association.
    5. repec:kap:theord:v:83:y:2017:i:3:d:10.1007_s11238-017-9600-5 is not listed on IDEAS
    6. repec:kap:theord:v:83:y:2017:i:1:d:10.1007_s11238-017-9590-3 is not listed on IDEAS
    7. repec:eee:jbrese:v:82:y:2018:i:c:p:127-140 is not listed on IDEAS
    8. Bleile, Jörg, 2016. "Limited Attention in Case-Based Belief Formation," Center for Mathematical Economics Working Papers 518, Center for Mathematical Economics, Bielefeld University.
    9. Papi, Mauro, 2013. "Satisficing and maximizing consumers in a monopolistic screening model," Mathematical Social Sciences, Elsevier, vol. 66(3), pages 385-389.
    10. Dinko Dimitrov & Saptarshi Mukherjee & Nozomu Muto, 2016. "‘Divide-and-choose’ in list-based decision problems," Theory and Decision, Springer, vol. 81(1), pages 17-31, June.

    More about this item


    Bounded rationality; Consideration set; Revealed preference; Satisficing; Search;

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles


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